Kan Dail
In exploring the future of Bitcoin in 2024, people are curious about what to expect. In contrast, a popular cryptocurrency with online gambling, price drops, platform shutdowns, and crypto market volatility are concerning.
Below we will explore Bitcoin predictions and what to expect for the remainder of 2024.
What Affects Bitcoin Price Volatility
Like any other currency, Bitcoin is affected by the market supply and demand, its availability, and investor sentiment. One of the biggest factors affecting its price is the public interest in other cryptocurrencies, with constant new coins being invented. Also, crypto investors are short-term investors wanting to make quick cash. Bitcoin supply is not infinite, with a finite number of the currency available. The final volume of the coin is projected to reach its end by 2,140.
Since Bitcoin is not issued by a central bank or backed by any government, monetary policy tools that help stabilize a currency, like interest rates, are almost nonexistent. Media is one of the biggest catalyzers that can trigger a price jump or decline. A good example was when Elon Musk announced that Tesla would buy $1.5 billion in Bitcoins in 2021 so it could be used for customer transactions. The price soared once the announcement was made to almost $70,000 before crashing, and one year later, the company had to exchange its devalued Bitcoins for hard cash. What was once worth 2 Billion dollars became 700 million.
Bitcoin and Gambling for the Remainder of 2024
Bitcoin is a popular payment option with online casinos. However, the cryptocurrency market is seeing record turnover. While some predict a total crypto market collapse, that might only be speculation.
Gamblers interested in using Bitcoin as their preferred payment method should avoid mistakenly cashing out when it is lower.
Surging Popularity with Bitcoin
As hack-resistant, deconstructed ledgers, blockchains are more acceptable for online contracts. Tamper-proof, more businesses use blockchains with payments to bypass third-party banks.
Blockchains are helpful in real estate contracts, healthcare records, and other industries.
Gamblers and casino operators prefer cryptos for instant deposits and withdrawals. Hence, Bitcoin is ahead of conventional banking and offers several advantages.
Anonymity
Unlike digital wallets, gamblers can bet anonymously and make deposits and withdrawals without divulging their bank accounts or personal information. A drawback is casinos still need to adhere to Know Your Customer (KYC) protocols.
Transaction Speeds
Gambling operators include in their Payment Options page that cryptos like Bitcoin are accepted and fee-free. Deposits and withdrawals usually post instantly, so players can immediately play.
Casino Selection
With more casinos accepting cryptos, gambling operators offer crypto bonuses. Players can apply casino cash credits (match bonuses, free spins) to sports betting, table games, and slot machines.
Because cryptos load instantly, the demand for traditional currencies (cash, checks, wires, money orders) is waning. If you are looking for trusted online casinos, players can load funds to their accounts without waiting for someone to approve the transaction.
Growing Acceptance
Despite dropping to $19,628 on March 10, crypto asset managers, professors, analysts, and other providers estimate it might rise to $318,417 by the end of 2025.
Furthermore, their study suggested that by the year-end of 2030, BTC could reach $4,287,591. Hence, this expert panel of 42 considers BTC undervalued.
Here to Stay or On the Way Out
With the investing world evolving and Satoshi Nakamoto’s brainchild increasing since 2009, what started as a decentralized currency is shifting in value and usage.
BTC’s resilience is showing its long-term potential with factors like:
- Global acceptance, technological innovation
- Diversification benefits, historical performance
- Early-stage investment opps, hedge against inflation
Despite its acceptance, Bitcoin has considerations and risks that you should carefully consider.
These include:
Volatility
While it is currently calm, crypto platforms are experiencing huge oscillations. Gamblers might not know about risk aversion, but no one wants to find out when cashing out. Instead, create a risk management strategy.
Regulatory Risks and Uncertainties
While still in a grey area, expect changes (adoption, price). Regulation could affect the price, so stay informed about the potential impact. Online crypto gambling is legal but regulatory changes might influence that or remove the anonymity.
BTC is vulnerable to investor protection, fraud, and market manipulation without clear regulation. Ensure you do the appropriate market research to avoid losses.
Security and Bias
Blockchains are secure, but wallets, platforms, and exchanges are vulnerable to cyber crimes. Whether you are a gambler or investor, explore security features like cold storage, strong passwords, and only using reputable platforms.
Due to its highly speculative nature, investors can make FOMO mistakes, impulsive decisions, and emotional biases.
Valuation and Liquidity
Behind its price, Bitcoin does not have assets or cash flow behind its price, as the price is driven by demand. That makes it difficult to establish an intrinsic value and contributes to risk and speculation. With its occasional illiquid market, expect some slippage.
FAQ
Is Bitcoin a good investment like a stock?
Yes, and no. Speak to a financial advisor. BTC is highly-volatile and can shift in price dramatically.
Do all casinos accept Bitcoin?
Most reputable casinos online are now accepting Bitcoin and other cryptocurrencies. Check their Payment page for more information.
Will Bitcoin increase in value?
BTC is highly unstable. While it can go up in price, it can also lose value.
Is Investing in Bitcoin a Good Idea?
Bitcoin is a popular cryptocurrency, but its volatility can lead to higher risks. Whether more platforms close or BTC soars higher, ensure you use risk assessment strategies and take appropriate precautions.
It might be tempting for gamblers to start using BTC as their deposit/withdrawal method, but they must understand the risks (cybersecurity, volatility, market changes).
Before you park it in your online casino account and hope it increases in value, speak to a qualified financial professional, as it is not a guaranteed investment. Everyone wants to benefit from an increase, but a downward spiral can have a chain reaction affecting other cryptos.